For the separate self, memory refers to events in time. Both the events as well as time are believed and felt to be real. The separate self gets the impression via memory that there was something real that has occurred which is/was made out of people, things and experiences. In ignorance the reality of consciousness is replaced with the reality of events, people and things.

From the perspective of consciousness, consciousness only knows itself and knows itself to be the only reality. Thus, from the perspective of consciousness, memory is a current thought that it knows as itself which does not refer to any reality outside of itself. From the perspective of consciousness, memory refers to its eternity and infinity.
It reaches across time and space.